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Cavuto on Business

News/Business. Neil Cavuto and market analysts discuss financial issues and forecasts. (CC)




San Francisco, CA, USA

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Virtual Ch. 130 (Fox Business)






Dagen 5, Fema 5, Schumer 5, Charlie 5, Adam 4, Ben Stein 4, Ho 4, Advair 3, Nike 3, Manhattan 3, Cisco 2, Us 2, New York 2, Copd 2, Romney 2, Charlie Gasperino 2, U.s. 1, Soho 1, Infuego 1, Chaie Gasperino 1,
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  FOX Business    Cavuto on Business    News/Business. Neil Cavuto and market  
   analysts discuss financial issues and forecasts. (CC)  

    November 18, 2012
    8:30 - 9:00am EST  

>> and fallen debt on-- >> and not for children. >> toby says you don't like it. >> i'm a bear. >> brenda: nike may be fast, now what's really fast? the nexshow, cavuto on business. business. >> what the chuck? 44 days till the music stops and the spending ban is warming up. welcome, everybody, i'm neil cavuto and i bet you thought ahead of this big deadline, congress's spending days were done? well, you don't know what the chuck you're talking about because new york senator chuck schumer wants more spending now, not less. more stimulus to create jobs and leaving aside the wisdom of stimulus, what about the real threat of this cliff. apparently not threatening enough for schumer's colleagues. dave rockefeller and hken to say hands off medicare, hands off medicaid, hands off social security. and there eliminates the entire spending issue.
so the president himself said to raise the tax burden on the rich, now he wants 1.6 trillion dollars in taxes, but double what he wanted earlier this year and we hear that schumer wants even more. you see where this is going? and now wantso include cuts agreed to last year to count the same as cuts this year. and i think they call that double accounting, double booking, using two books or booking yourself, i don't know, but it is confusing, double this. and democrats say election consequences they do, but don't give the winners their own set of facts. for the life of me i couldn't find a single exit poll on this network or any network that said more spending and more stimulating. i did hear something more worrying, deficits that keep getting worse and a washington that just doesn't work. i will give the president his due, he might have gotten a nod on going after the rich, but i do not think he got a pass on running rough shod over everybody else.
to ben stein,harles payne, dagen mcdowell along with adam lashinsky and charlie gasperino. charles, what do you think. >> spending, spending, spending, for me it's like we'll cut to the chase, let's just take it all away and collapse this thing. it's nuts. it really is nuts. now what bothers me we keep talking about the rich and it's 250,000, it's not rich people, it's small businesses, it's already a disaster as it is, but to have the nerve to come out and say, hey, let's stimulate again and create a few temporary jobs and let's do deficit spending, it's working out. boggles the mind. >> ben stein, that struck me, i'm not surprised at the president and argue na people did other choices in the presidential election, with the president's vision and mitt romney's vision and part of that romney with the idea to leave the rich alone and integral to the president let's not do that, got elected. you could make an argument that taxes going up on the rich and so be it, but this other stuff with the new spending, new stimulus, new jobs measures, i don't think
that was part of the election? >> well, absolutely impossible. completely impossible to say what, that an issue like fiscal policy won the electio for mr. obama. that's just the most amazing nonsense i've ever heardn my life. but, also, the whole point of the fiscal cliff is it to reduce the deficit. now, you're going to say, we're going to add a deficit? in that case, let's leave taxes low, let's keep spending high, i mean, the whole idea is we've got to stop this out of control deficit, this out of control debt. what senator schumer is proposing is exactly the wrong idea. >> and now entitlements leave them alone and dagen, go on and on and on. >> the argument we need to stimulate growth. you'll hurt growth if you raise taxes and it gets back to what we've seen all along, we will raise your taxes 'cause we, the government, and the lawmakers, can spend your money better than you can spend it yourself, because they know better. it doesn't make any sense. it's upside down, backwards,
like spinning around and around logic and that's the way they think. >> i don't see much progress here then. and i see, chaie gasperino, when all is said and done, that if the markets don't sell off on the lack after deal they sell off more on this kind of a deal. >> what we should point out. when mitt romney had a bright, shining moment during the first debate what he did best was show that president obama's economic incoherency, think about what they're doing, they're sayin we're going to tax small businesses, people that make money, people that might way make money and spend it so other people can make money. and then now what we're going to do? we're going to do stimulus stuff on the eyed, it's irrational and the markets hate this deal so far, they hate everything that's-- and we don't have a deal yet. they hate everything that's coming out. adam, if you-- >> a couple of points. >> if you deny that you-- >> adam, what do you think of that. >> maybe a needle sticking out of people. >> and a couple of points, first of all, we're being a
little too glib in equating charles schumer with president obama. president obama has not called for new stimulus spending. >> by the way, no, to be fair, schumer isn't alone in the senate. now? there are a number, 30 who will sign on to this leave the entitlemes alone and nancy pelosi in the house said much the same. they're putting and knocking a lot off the table. >> so you won't like this, but two separate issues. stimulus spending on one hand, the president hasn't called for it. leave entitlement spending alone, again, not the central argument that the president has been making, he has already indicated that he is willing to look at entitlement spending and he is willing to compromise on that. >> the details and-- >> charlie, by the way, here is where you can'teally believe him. he's made specific recommendations on taxes, it's all laid out there, you know, dividends, you know, upper brackets. he's not made one specific recommendation on entitlement cuts, so-- >> because that's not his
primary position, he has indicated he's willing, and-- >> that's right, he doesn't want to do that. >> charlie. >> what do you make of that, that's not on t agenda? >> and he's not submitted a budget in three and a half years period, and he's extreme tli vague, one idea which is correct. tax the rich more, but the rest of it is all just fog, smoke and mirrors. >> you know, charles payne, i understand the area for election, there are consequences, i'm not a big fan of raising taxes, i think that's going to happen. raise tax on the rich and i don't support it to all of dagen's points and charlie gasperino's all of the above and you can make a point that's part of what the american people voted for, because polls have some want us to, with the rich. i find it's a leap then to say you can't and are not going to attempt to rein in some of this spending that was a very big worry on the part of americans, because that sets
up-- >> charlie. >> the really arrogant negotiating. >> charlie is 100% right. i've got to tell you, everyonee keeps saying the president is talking about compromise. this is what i hear. hey, republicans, you can have, you're going to have taxes on the rich, and we're going to cut defense spending or you can have taxes on the rich and we'll cut defense spending, which do you want? >> that's what-- >> and that i have a mandate to do this. here is the mandate. won 50% of the vote and the house remained republican, that's called divided government he doesn't have a mandate for compromise. >> ben, i think you made the best point of the show so far. >> whoa, whoa, whoa, we all made points uyou're giving him-- >> i think that neil made the best point, charles. >> the election doesn't mean that the president necsarily wants us to go out and tax them to death. a whole lot about the election that we get into later. >> neil: and exit polls are at fox and i'll enlighten you. and i think, actually karl
rove did that, so might have to-- >> did the exit polls want us to go back into recession? because that's what did $. >> and it's clear, maybe that's it, dagen, maybee kept things kind of the same, right? so maybe they just like this sort of-- >> people, i don't think the markets think it's the same. you've seen the selloff in the stock market and you know with what's been on fire, infuego, people have been buying the garbage of the garbage of the bonds because people believe their taxes are going up. >> neil: and great, dagen, municipal bonds, that should lock up the nielsens. >> and how this could affect commodity futures. i'm kidding, dagen, you're a genius. now jumping off the cliff and jumping ship literally. forget taxes headed higher. as we head off the cliff, the
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loved ones. i'll send you back now to cavuto on business. i'm jamie colby. keep it on fox. >> neil: do you think the
victims of sandy are fuming at fema now, with the cash dwindling they're prepared to ask for at taxpayer funded bailout and reportshat fema and red cross workers in new york were shacking up in the swanky soho grand hotel in manhattan. at least they're getting a discount rate. $310 a night. the red cross footing the tab at $181,000 for their workers and charles doesn't like any of this. and my point on this, i tend to think they got us a bit too much bad press for this, they have to stay somewhere, but i have a problem with it when it's at the expense of folks who are affected by this. >> dave: right of course now they're talking about a bailout for fema, a bailout after katrina and never paid that back and whatever, 16 billion, the post office lost 16 billion. federal housing administration. >> neil: 16 billion. >> that's a common thing, 16 billion, 16 billion, the number later on. >> a combination. >> neil: and after 16, after 16. >> and listen, of course, they
have to find places to stay, it was pretty tight, but it doesn't feel right. i use today stay at the soho grand and when i had more money before the first stock market crash and-- >> a very nice place. >> neil: adam, you clearly feel guilty >> well, because in fact, i stayed at the soho grand last month and i have tsay, i didn't think it was that plush, neil, actually and of course they have-- >> plush? >> that's a great place, man. >> and compared so the some of the other hotels at midtown. >> and hilton gardens inns and marriott residence inns and we're piling on fema which of course has problems and needs to be improved. and this is fun. it's a beautiful picture of the hotel. >> neil: you know, it does come at a time they're asking for more money, ben stein and they're not up to snuff handling this.
folks in staten island are still waiting for help and emergency centers, relief centers set up after the storm and shut down ahea of the nor'easter, they didn't want to endanger workers, i understand all of that, but it just raises this issue, then what the hell are you doing there, if your job is contingent on the weather. >> if george bush was in president when this happened and people in new york without power two weeks after the disaster, sorry, they'd be screaming to lynch him. the media has totally bailed on this and totally favoring mr. obama on this, clearly fema didn't do the job right, but okay if they stay at $300 aight hotels pennies with what we spent altogether and if they need more money, they need more money, but clearly they were not up to the job. they had quite a bit of warning about this, they didn't stock pile supplies, they didn't stock pile fooled. there is something drastically wrong-- >> why are they staying in manhattan. >> because is the cool place
to stay. >> that's what i'm saying, lower manhattan and-- the damage. >> that doesn't mean they didn't have any room. sounds like they didn't have any room at the inn kind of deal, but didn't have any room at stateisland. >> and there's a borough called queens and another one called the bronx that you might be able to stay in. i guarantee there's hotels there. and this is why it just, it reeks. and listen, for all i know they checked every hotel in the bronx, in yonkers, in the surrounding, in the surrounding areas and they found that they were sold out, i doubt it. and then they stayed at the soho grand, by the way, adam, the soho grand is an amazing place. >> no it's not. >> oh, it's great. >> by the way, it's beyond the soho grand, this is about the financial mismanagement of government agency. it's about the financial mismanagement of the national flood insurance program where people in this country get to buy insurance at below market rates that's subsidized by the american taxpayer and when a
storm hits, then they have to go to the treasury department, they're going to run out of the borrowing limit after this storm, the flood insurance program, and again, but we as a nation have let this go on and on and on and even people within government know the flood insurance program is completely mismanaged and doesn't have accurate maps. >> they're generous and they think with their hearts first and then their heads after that and think well, give them more ney, more money. you sound heartless if you say the opposite, right, charles. >> you sound heartless if you say the opposite, but don't sound heartless if yousay-- >> i stayed at the algonquin. >> and when you say grand-- twinkies are now toast, that's because hostess is now going out of business after a showdown with striking union workerses and people are already pushing the panic button and going underground for their goodie
(laughter) >> there he is. >> no more twinkies. >> hey. >> a twinkie? >> i'v got a guy in cleveland ♪
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>> well, call ithe hostess without the mostest. the icoc maker of twinkies and ding-dongs shutting for food after union workers voted down a plan to not shut down the company, and 18,000 jobs. i'm not a fan of twinkies, legalized poison. >> it's in my food pyramid. >> remember that, remember that john belushi skit, little hocolate donuts. anyway, listen, i don't like people who-- i don't want people to lose their jobs and take, and who have lost jobs to take this the wrong way, it's a cautionary tale, you push too hard onhe companies, you end up like the automakers, unless you get bailed out. twinkies is not going to get bailed out.
and it's a private sector union. >> i agree, charlie mentioned the auto workers, there were times when unions did amazing things, made the work place better and they got wages. got to push too hard. >> and now, they put their interests ahead of customers and shareholders. >> and themselves. >> and the teamsters, even the teamsters upset that the smaller bakers union would not try to-- by the way, hey, since they're grinches, and they're-- >> oh, taking-- >> they also make yodels, bucko, great, great and baked by hostess, so-- >> and this is in horrible shape, and did you smash these. >> the last two in the vending machine. you know who sold them to me, andrew white, the guy in the video. >> pay $75 for these. >> ben stein, what does it mean now? obviously, you know, someone
will try to scoop up-- it's a well-known brand name, maybe try to make a go of it in a different life, but-- >> they're still planning a very rich sugary foods out there and i have to say i'm not as thin or fit as charlie, but i happen to love them and i love sugar altogether. but, the unions are just too aggressive in cases like this. what could their possible rational be for putting their own members out of a job. how do you explain to a man or woman who can't feed his or her family hey i put you out after job to demand more money for a job you don't have any more. how do you explain that. >> neil: adam. >> this is a gross oversimp oversimplification of another issue. there were other problems at hostess, other than not reaching an agreement with the union. i finally remembered ding-dongs from my childhood and i haven't eaten one in a very long time and i wouldn't feed one to my daughter. >> neil: a long time, last week. >> that's the problem here. >> and you're unamerican if
you don't eat-- >> i'm going to eat one of these, i'll eat a cannoli instead. >> shut up. in tactffact my thanks to charl and dagen, two thin obnoxious people. the hush before the rush, less than a week to the busiest [ abdul-rashid ] i've been working since i was about 16. you know, one job or the other. the moment i could access the retirement plan,
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ed. >> early holiday shopping, stocks on sale. >> i like nike.
earlier this week, foot locker and dicks had good numbers. cheap enough to buy. >> adam, would run to that one is this. >> no. i love nike, although i'm an asics shoe runner. i don't think it's that cheap of the though i like the company. >> what are you doing then? >> cisco, the tech giant is super cheap, less than 12 times trailing earnings. not a great business, but it will be a good value. >> what do you think of that, ben? >> there is hardly any better run company in the company than cisco. i think he's right on the money. but what he knows if the market doesn't know is bit of a mystery to me. >> what are you doing these days is this. >> just my usual. the broadest possible index. bti and i'm very, very happy if i can keep up with the market. i'm a happy guy. >> what do you think of thnext few weeks of the market, ben? >> i think it will be a choppy time. but the day before they reach a deal on the fiscal cliff, the market will correct to the upsigned and it will be great stuff. >> we'll wat